August 30, 2017 / 12:52 PM / 2 months ago

Canada second quarter current account deficit widens less than expected

OTTAWA (Reuters) - Canada’s current account deficit widened in the second quarter of the year as the country’s international trade gap in goods expanded as imports rose, data from Statistics Canada showed on Wednesday.

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. REUTERS/Mark Blinch

The seasonally adjusted current account deficit stood at C$16.3 billion ($13 billion) in the second quarter, short of economists’ forecasts for a C$17.4 billion gap. The first quarter was revised to show a deficit of C$12.9 billion from the initially reported C$14.1 billion.

Higher imports increased the trade deficit in goods to C$5.2 billion. Canada’s trade gap with countries other than the United States rose to C$15.6 billion, while its surplus with the United States narrowed to C$10.4 billion after three consecutive quarters of increases.

Total goods exports rose to C$143.3 billion in the quarter, helped by motor vehicles and parts as exports of passenger cars and light trucks increased. Shipments of metal and mineral products also lifted overall exports.

Imports rose to C$148.5 billion, making for the largest quarterly increase in nine years on widespread gains throughout the commodity sectors. Imports of consumer goods also rose on higher prices, while imports of car parts saw a record increase.

Reporting by Leah Schnurr; Editing by Chizu Nomiyama

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